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the debt ceiling we have to make sure we pay our bills. people bought flood insurance policies, paid their premiums, we need to pay those off. >> i want to talk about flood insurance in a second. hold that thought. >> let's go back to what happened to speaker boehner. what we saw on display was the worst kind of politics and the kind of thing that turns people off to government in general and to congress. john boehner was not so much about the vote on the sandy relief package he was concerned about the vote on his leadership. he was more interested in acleader than leading on issue that's affecting thousands of people i represent. what's even more distressing is in this whole discussion not whether this bill was lauded up with pork and what pork means. what was really distressing is there is this narrative that says in order for us from vied relief to fran someone else has to suffer first. that's a very dangerous precedent. >> let me play this sound. this is in the wake of hurricane irene in 2011. whenever something like this happens we'll have some type of emergency. as it should. t
the debt ceiling is brewing again. that showdown season likely to hit until midsummer. there are even signs of reaching across the aisle. the president met with lawmakers of both major parties. no major breakthroughs though, but at least her talking. he's called on johnny isaacson to organize a dinner with senate republicans. this would be the second sit-down with gop senators in a matter of weeks. for just a moment here, for just a moment, it it appears washington may have stepped aside just enough to question out of the way of economic recovery. is it going to last? david moore is a writer for "the wall street journal." these are great friends of our show. steven, am i imagining it or is washington the impediment it's been to the american recovery? >> you're on to something here. i talked to businessmen and women all the time. recently they are saying we don't always like the policies out of washington, but right now there's a benign neglect going on. at least we don't feel like a lot of bad things are coming down the pike. a lot of businesses are moving forward. you're starting to see an
with the president in a way that they did not what we face the crisis in 2011 when the debt ceiling was looming. i was a wake-up call for both of us. we could not just assume that congress would avoid defaulting on our full faith and credit. the business community realized they should help congress what was at stake. we have an alignment of interests. i am not going to say we will always agree but despite tensions you may have heard of whoever anyone supported in the presidential race, the president has always had an open door. within the week after the president invited in a cross-section of business leaders and asked for help as we face the fiscal cliff and the sequester and debt ceiling. door anded the provided opportunities for us to work together. >> another issue area in which gay ande revolve involved -- th lesbian community. you have been an advocate of same-sex marriage for a longer time than the president. about yourl us conversations with him on that issue and how his thinking eve alt -- evolved? he did come around. >> i have been a supporter of same-sex marriage. i have a 27-year-old d
a sense of the sequestration debate, the debt ceiling, the next couple of issues, current or next issues we're facing. obviously, this is having a realistic on the economy and in washington. however, the markets seem to be shrugging off a bit of it and baking it into prices and expecting dysfunction to continue. what's your prediction for the next month or two? >> well, look, ooing we've gotten rid of some of the cliff happening events. when i say got rid of them, we've put some of them off. we've gone through a whole series of cliffhangers, the fiscal cliff and whether sequestration is going to take place and some of the tax increases. we've gotten some of those. we've put off a few more of them. the debt ceiling won't be an issue until much later this summer. certainly it's not a secretary quarter issue, certainly not a third quarter issue. there's a lot of data and information that's going to come through between now and then to see what the real impact is going to be. it will be nice if we can get to a point when market participants can look more towards a real economy rather than wh
of a fiscal cliff of a debt ceiling crisis in the u.s. so the picture is relatively clean from the macroeconomic policy risks that we've been worrying about a lot for the last year. >> okay. interesting discussion. thank you so much, bruce and bob. bruce kazman of jpmorgan and bob doll of nuveen 8 management. >>> north korea showing no sign of backing down in its stand with south korea and the united states. today north korea moving a medium-range missile similar to the one you see here to its eastern coast, minus the music. the missile does not have the range to reach the united states, but it could hit the u.s. territory of guam as well as south korea. and even japan. >>> let's turn now to market focus. investors were buying up at best buy today. it was the biggest gain attorney s&p 500, thanks to a vote of confidence from samsung is. the two companies said samsung will open mini stores in 1400 best buy locations. best buy shares surged more than 16%, up 3.48 to $25 and change. quite a rebound. best buy shares have more than doubled year to date. >>> a big management change t
on the debt ceiling and spending. and so this is where we need leadership which we were used to. i tend to be an optimist about the united states because gave up on vietnam. on the watergate crisis and we came charging back. i think we'll do it here. we but would be nice if we didn't have to go to the cliff each time to do it. >>well, you know, and again when you start talking about the kind of relationships and kind of leadership, you know, we still seem to have this atmosphere where people talk more at each other than trying to find some common ground some common goal in getting it con. you broach the goal of growth and jobs and that's the answer to all of this. you also talk a lot about temptation. we all, you know, sense that if the european situation got worse, and they're representing 23% of world gdp, you know, the effect that it's going to have on the united states, india, brazil is going to be real. and so with 40% of their exports coming in to the united states and so forth, you know, all of the sudden, you know, we started seeing the effect of our own growth, brazil's growth.
those session opening prayers get pointed, say in the midst of debt ceiling negotiations. >> save us, oh, god. for the waters are coming in upon us. we are weary from the struggle, tempted to throw in the towel. but quitting isn't an option. >> or as the nation peered over the fiscal cliff. >> may an imperfect compromise when viewed from the perspective of our differences not be undermined by our desire for political victory. >> you know, that prayer, for some reason, got audible amens and it's like, oh, i said something. i did something right. >> that struck a bell. >> and it turns out that even in an environment where compromise is rare and the atmosphere toxic, there are moments that look like divine intervention. >> i have been told that as a result of a prayer, chaplain, i'm going to change my vote. and may be a phrase or a statement that i had no intention to mean a particular thing, but i believe that i have supernatural help. >> has a senator ever changed your view on something? >> no. >> reverend black, who has a doctorate in psychology, does not confine his council to the spiri
and with the debt ceiling. if anything bad happened, even if it was unrelated, let's say the reduction in our credit rating. the republicans got the blame. obama assumed it would happen with the sequester so he went after all the stuff that would be really appalling like denying iowa tots a visit in the white house and opening the border and it turned out look they are spending $3.5 trillion a year and you can't have a tour of the white house and you have to end up laying off the border security people? it's absurd. so the blame was headed the administration's way and thus the pots of gold all of a sudden have been discovered in every agency in government. it's easter miracle. >> bret: today, steve, jay carney said other things can be done, changes. the furloughs can be changed. mean meanwhile, you know, just weeks ago there was no flexibility. none. >> this is the story. this is now the story of the sequester is you had the administration complaining they didn't have flexibility when they were offered flexibility rejecting that flexibility. as charles said finding within all these agencies and else
's debt ceiling or sequester. whatever was happening, it's a presidential election. he's going to campaign. and then when he would go out and campaign on different eaches whe legislation, mitch mcconnell will come out and say that he's out campaigning and he should come back and lead. they don't like when he gets out in the court at all but it shouldn't be a kind of radical statement to say that, yes, it would be easier for him to govern if democrats controlled congress and the only way he's going to get to put into place the final legacy is if democrats control congress in the last two years. >> angela, we're seeing that he's scheduled more events than he did midterm in his first term in 2009 and 2010. does that indicate that he thinks he can win back the house with the democrats and do you think that he can win the house with the democrats? >> there's no question about it. the president has been deliberate about who he endorses. they are for sure winners. the fact that he's saying, there are 17 seats that we have to pick up. if i get on the campaign trail now, do eight of it now, we can
of the debt ceiling, something we have not thought about in a while. pushed back to may of this year, but really weekend will our way through. a ratings downgrade and the economy slowing, so if this budget is really a nonstarter, and it looks like it is back to the drawing board with no compromise in sight we could be facing another late summer slowdown and the economy certainly does not mean that. lori: we have to go, but i am wondering if this is finally terminated that this proposal which continues to see from the white house whether they want revenue increases, we are seeing how it is such a crimp on economic growth. >> i certainly hope that is not the case. data it will be telling. the one ray of hope is consumer spending is holding up. retail sales. lori: the good old american consumer. always a pleasure. coming up, newly unsealed court documents shedding light on the run-up to the our shooting. "dobbs law" is on this case. and they're concerned that immigration concern is feeling a run for the border. that and more straight ahead. ♪ @ ♪ lori: the stats shows significa
not have a threat over the next debt ceiling. so we don't have a countdown clock to -- when the government money would have run out, which is just a couple of days ago. but the president looked like he had to win at the end -- at the end of their last negotiation. so this memo does nothing to say about what they are going to do in the days ahead even though he says what happens in the days ahead are very important. >> josh and jon. josh first. what happens if you're a semi moderate, reasonably sensible party in that caucus? what happens? >> you switch parties. >> a good answer. yeah? >> look. it's tough. i think boehner is right to crow a little bit. they have prevented obama from getting more tax revenue but they have any' done much to broaden the appeal to the party and haven't gotten the entitlement reform and shrunk government the way they wanted to and i think still a challenge but they have converted the debt ceiling default that was a real possibility a couple of months ago. >> do you think we are playing stump the band? >> i just think to josh's point, there is a big project going
, all the things like debt ceilings and martial debt versus -- national debt versus annual deficit and that kind of thing. so when mr. mills was elected to congress, it was in a period when presidential power was at its peak because franklin roosevelt was president. but the peak of presidential power was when abraham lincoln was president. and i hope if you haven't had a chance to see the movie "lincoln" that you will, because i think i it's quite inspiring. after lincoln was assassinated, congress became very, very powerful. and woodrow wilson was a professor of political science at that time, and it was before he became president of princeton and governor of new jersey and then president. and he wrote a book called "congressional government." and and he called the committees and the committee chairmen lord proprietors. so ironically, when he became president and t.r. was president and fdr was president, it was the president that was so powerful. so he got to rewrite his book, i guess, in his head at least. mr. mills was elected in 1938 to congress at the peak of presidential powe
of problems, is that right? >> that's right. this whole sequestration came about because the debt ceiling crisis in 2011 and that is like a nuclear bomb, we're not going to default on our debt and shut the government down. what should be done, greta, talking about salaries is to tie salaries to doing something and that is have the government spending tied to the state of the economy. you know, traditionally we'd spend about 18, 20% of gdp in government spending. so have a figure like 18, 19% and if it goes above that, then congress's pay is docked and the president's pay is docked and since he has so many perks, perhaps fewer round on the golf course, but have real consequences, personal consequences where you don't hold up your responsibilities. we do it in every other sphere of life. >> it's interesting that we have to put this sort of of draconian real consequences, we want to, over their heads for one simple reason, because they don't do their jobs. and you think they would do it out of a sense of decency or morality when they promise the voters they'd do this. right now i'm practical
of raising the debt ceiling, the amount of money the nation is legally allowed to borrow. ♪ oh yeah when it comes to raising the dead ceiling, the president is having a hard time getting it up. seems the gop ain't rubbing him the right way. especially with the country $16.4 trillion in debt. ♪ say we're still in debt but it's all right ♪ ♪ the united states really couldn't get any broker ♪ ♪ got to liquidate its assets just like al roker ♪ >> no other show. no other show can do that. and by the way, the way this works, the stuff i turn down, brian williams does. he is so easy, it's just -- he's the second call. he runs down. >> what jimmy did was brilliant. he had been this star on "saturday night live" and took all that expertise and just made his signature stronger. and in that late-night arena. and each person -- look at "saturday night live." each person becomes a star on that show by doing their own approach to what they think is funny. and it works because it comes from a sincere place. >> i want to show something else that jimmy did that went absolutely viral, dancing
permanent. -- 80% of them permanent. if you were in d.c. would you have voted to raise the debt ceiling? >> that's a load question. >> john: it is. we're talking about the same thing here. >> i'll tell you what i actually appreciated was the notion of the balanced approach. and that means really looking at what's broken in our system. i think what disappoints me is why i would not have voted for what's been presented is none of them are real solutions. they're band-aids. they're piecemeal. what happens is when you make a decision that makes one part permanent, the other part is not permanent. then both sides are backed in the corners. that's where we are with sequestration. what you've done is you have no way for either side to get out of the mess that they put themselves into and so you have no decision or you come with another band-aid that simply kicks it down the road and you don't really get a solution. that's what frustrates not only local officials but it frustrates our citizens, too. >> john: exactly. that's the joy of the two-party system. mayor of mesa, arizona and vice presid
when the debt ceiling. let's talk about number four. i found this fascinating. robert portman reverses his decision. my son who is gay influenced me. sara, i want to start with you. rush limbaugh a moderate voice within the party says, we lost the fight. this is inevitable, let's move on. should republicans say, look, this is an issue of the past. we're for same-sex marriage. let's go forward? >> this is a great example of separation of church and state. the reality is more and more people recognize that they have family and friends who are gay. it's very hard to look at those people who you love and say, you know what, i don't think you should be able to get married. that's what happened to rob portman and that's what's happening across the country to people and the social movement is changing the politics of it. >> chris, i do want to bring this up. portman gets a lot of attention. in the last 76 hours, mark warner, these are there democal. say they are opposed to it and now for it. >> relative near term? >> i don't think it's political. can you make the, ament politically that, hey,
. but just over the last two years when we had, you know, some very serious problems from the debt ceiling, for example. you know, we didn't grapple with that issue at the very beginning in january, 2011. we waited until the 11th hour in august of 2011 to the final hour on the deadline. ultimately the country experienced the first downgrade in its history of its credit rating. that's going to cost according to the bipartisan policy center which i'm a senior fellow $20 billion over the next ten years. yet we knew the implications and ramifications of deavering, delaying, obfuscating that kind of action. then you look at no budget and i know the senate has finally passed a budget. obviously it has to be reconciled for the first time in four years we didn't address any of the major questions over the last two years. we just neglected, you know, the interest of the country. >> woodruff: what can be done about it? >> i think the american people have to demand change. what i've been saying in my speeches all over the country is that it's time for all of us to provide rewards for those who are wi
. refused to raise the debt ceiling twice, in 2011 and 2013. refused deal on automatic budget cuts. tried to block key cabinet apoin toes. held up appointment of 47 judicial nominees. i mean, id be in hardball time if i kept talking about what they blocked. none of that was done with bush if it was something good for the country even though a lot of us were adamantly opposed to bush. people like ted kennedy said we have to work for the good of the american public. >> right. even if you drop the rhetoric about what's good for the american people, they know, republicans know, that this president, just take health care reform which they adamantly opposed. this president was giving them their party proposal back on a plate. that's not rhetoric. this was a republican plan for health care reform. when you talk about entitlement reforms, when they talk about entitlement reforms, this president has put them on the table. they should take a good offer when they see it. that's what's per plplexing abo the republican strategy. it's all short term. not saying what can we get out of this president tha
the debt ceiling and possible government shutdown. the stock plunged from 115 to 69. 115 to 69. it was a horrendous decline and you missed it! but caterpillar almost immediately recovered, 69 to 117. what a move. sure you had to take some pain if you tried the cold bottom. it went down far more than anyone thought it could. and you had ample earnings risk, like you do now. but what a game you could have had. almost 70% in less than six months. do you honestly believe you have a chance to get anything even remotely like that gain from conagra? hey, i think it's reasonable to expect you might get a 7% return from conagra during that period, including dividends. levels, not much more. so why not just -- why not say, listen, sell cag, buy cat? first, we're just beginning the downgrade estimate cuts for caterpillar. other analysts tomorrow will be slicing an dicing. you have to expect that cat is going to get a real slap chop in the next few days. you know what i mean? maybe right into earnings period. second, the fear trade is still driving money into conagra. and there's enough ho
think this is much more politically about posturing for the end game now, which is the debt ceiling increase and the last possibility for our grand bargain. so i think, you know, local stories like this, and these will get much more attention. >> does this help obama, this stuff? >> i think it helps position him for an end game where we decide cutting aid to students and cutting chemotherapy to medicare patients is not the way we want to go out about getting our fiscal house -- >> here's this powerful picture we think of the sequester cuts. a father in indiana listening to a lottery of names drawn of families who would be cut from their local head start program due to budget cuts. "the associated press" shares this man was spared, rather, but upset about the others being eliminated. not everybody gets in, tom. your party can handle this politically? you're better off with this stuff? >> we are, but more important, aside from that, we're borrowing 40 cents to the dollar. it's unsustainable. there are no good options out there. whether raising taxes, cutting spending. there are no goo
, this grand bargain with speaker boehner since only going back to last summer during that big debt ceiling debate. i think the white house believes this is something that they're prepared to really know to battle on. the president knows he's going to have to get democrats on the table and he's also going to have to get republicans on the table and that's part of his charm offensive. he is going to be having dinner with them. >> this is with senate republicans. house republicans no chance at all until there is some sort of deal. >> this is the first time in history that a president has done a budget after both the house and senate have done a budget. now trying to claim himself at this great guy who is going to bring people together. this is ridiculous. the president has already taken himself out -- >> they haven't passed a budget in washington for years. >> but we haven't had a real budget pass in a long time. fair enough. >> just get moving. >> we'll also hear from the white house on the just released job numbers. >>> plus, reached the final four. but, first, the white house soup of the d
interesting we run back into the ceiling debt much later and that rolls up into the fiscal cliff 2.0 in how the government tempts to deal with it. so you may ask yourself we have a portion of the tax increases went through and who knows exactly what congress is going to but it's probably a pretty good guess that we get to the very last minute right before the march 1st effective gate date for the spending cuts and then we get some other short-term extension to add to this made for tv drama that they seem so fond of lately and you wonder where does it get us long term and how are we able to close the gap here the congressional budget office has looked at what they consider to be the most likely outcome of the ongoing negotiations which, is a marshal implementation of these spending cuts and what you see here are two lines. the top line is out lace as a percentage of gdp or government spending as a percentage of gdp and starting today and going out through the end of 2022 and this is a forecast for the next nine years and going below that is rather a new as a% of gdp and what you take way h
firm, we want the dollar in spending cuts for every dollar increase in the debt ceiling to a trillion dollars. how are democrats going to fight that if we cut 58 billion in a year and see in impact from it? i think this limited impact means we have a more scary debt ceiling strike than a lot of people thought we were going to have. >> i agree with you. but what i'm worried about is not that the white house thought it would be a huge impact, but we had a number of economists who suggested it might not hit the market immediately, but when it comes to numbers over the next two and three months, we might finally see it. have we decided we're not going to see that, either? >> yo. i don't think we've decided that. i think we'll get some furlough notices this friday from the pentagon. you might see more headlines creeping in that maybe this is having some more impact. in terms of a knock on gdp growth or any of those things, it's too early to say whether we've taken that 1% off. it does show up in consumer confidence numbers, in some of the sentiment numbers. they've been weaker than they mi
on entitlement cuts and especially knowing they have a debt ceiling, bumping up against its limit in a couple of months? exactly. i'm not sure they are going to jump at this. you know, the debt ceiling question gets all mixed in with this, i think. so we go up, i don't know if it's going to be another brink like the brinks we have had, but i think it all becomes part of this larger negotiation. i'm not tremendously optimistic a grand bargain but an interesting approach by the president and maybe it will find some resonance. we can hope they start talking to each other in some way. >> sam stein? >> i'm curious to see what the republican reaction to this budget will be. they are asking for this thing and criticizing the white house and now put it out there and say it doesn't go far enough because clearly have said it will state the middle ground. i've talked to an official administration off set and they say congress will be upset about their tactic here and know they have done this before by not staking out the progressive wing and negotiating to the middle they will get criticized and made it
and the debt ceiling. bill: monica, give you the last word here, in 15 seconds what scares you the most? >> i agree, bipartisanship is old school thought according to this president. he never reached out to republicans. he never worked with them. give you a quick example in last couple months on the sequester. republicans said okay, let's work with the president on this because these cuts are arbitrary and across the board. let's make an approach that will work for all of us that are more rational, thoughtful cuts. so the republican house passed not one but two bills to carry out the cuts in a more responsible way. bill: nancy pelosi just this week said -- >> they wouldn't take it up. bill: endless courtesy. a bunch of people who do not share that commitment to civility? >> that is all projection, bill. called projection. >> republicans doesn't have again today of their own. until they have that they are mo mortal peril. >> i disagree, doug. it is paul ryan budget. >> that will defeat them, monica. it will just defeat them. bill: to be continued. >> always. bill: deal? >> deal. bill: thanks.
needed help. what was the choice? mitt romney? had that debt ceiling deal in 2007 -- from the program is heritage foundation. they were hiding in the white house. they did not want to talk to us. my mother is fine right now. i might be next. host: you have been motivated call our program this morning. caller: do you know who could have been in office? minorities and women. i sat for hours in the hot sun and looking for the opportunity to vote for this man. i called my senators and congressmen. i do not know what is wrong with this man. host: that is, in ohio. we will get some perspectives and opinions from other callers. social programs are facing a cutback in obama's budget. steven from virginia beach, an independent, what do you think? caller: i think everyone is ignoring the elephant in the room. they are cutting programs like social security and stuff. what they need to look at is the amount we're spending on our military. it is over half the budget. your children did not have health care or education, would you be spending half your paycheck on guns and weapons to bomb these othe
in a new budget deal this summer to deal with the debt ceiling. dennis: i wish it could fall on economic growth that brought in tax money. what happens with the fed and the loose money policies in the meantime given your outlook on the budget and deficit? >> we're telling our clients that there will be a serious discussion in the june fomc meeting that might pare back that $85 billion they add every month to balance sheets. it could go to 40 or 50. a lot depends on economic data between now and june. dennis: i think as wall street we have a very unkind reaction to that if the fed were to start taking back even a tiny bit because overall, the economy, a lot of people think, is still wobbly and it's going along on artificial fumes. do you think the same thing? >> no. i disa grow. here's my quick take. i think we'll have a pleasant surprise in the first quarter g.d.p. despite washington, despite the payroll tax hike, despite sequester. we'll still have decent growth and because of that, the deficit will fall and i will also say some of the fall on the deficit is going to be because economic
cliff and sequester and the debt ceiling. so i think that open door, ultimately, provides us those opportunities to work together where we can. >> so another, issue area are with you know you were involved, we hear from the, from the, gay and lesbian community you have been an advocate on their behalf for a longer time than, and have supported the idea of same-sex marriage a longer time than the president has. can you tell us anything, understanding you're not going to want to talk too far out of school, about your conversations with him on that issue and how husband thinking evolved? because obviously he did come around to a different view than the one he held earlier. >> well, it's interesting. i mean, i have been a supporter of same-sex marriage for a long time. part of it is, i have a 27-year-old daughter and for her she can't figure out what all the fuss is about. so that conversation that i've been having with her has gone on for a lot longer than the president's conversations with his daughters. many who saw his interview with robin roberts where he talked about how he reall
that they did not what we face the crisis in 2011 when the debt ceiling was looming. i was a wake-up call for both of us. we could not just assume that congress would avoid defaulting on our full faith and credit. the business community realized they should help congress what was at stake. ofhave an alignment interests. i am not going to say we will always agree but despite tensions you may have heard of or whoever anyone supported in the presidential race, the president has always had an open door. within the week after the election, the president invited in a cross-section of business leaders and asked for help as we face the fiscal cliff and the sequester and debt ceiling. that opened the door and provided opportunities for us to work together. >> another issue area in which you were involved -- the gay and lesbian community. you have been an advocate of same-sex marriage for a longer time than the president. can you tell us about your conversations with him on that issue and how his thinking evolved? he did come around. >> i have been a supporter of same-sex marriage. i have a 27-year
ceiling hostage still maniacally averse to revenues in debt reduction deal, we move on to depression, there's no hope. >> but they admitted there is really no debt crisis. boner himself -- no debt crisis. just pulled it out of our ass. >> stephanie: this was fun. ann coulter right after the election. we have no takers than makers and it is over. my country that is no longer -- is interested in conservative ideas is interested in handouts which is what mitt romney's post-analysis was. >> why don't you move to canada? >> stephanie: bill o'reilly lamented the white establishment is now the minority. it is not a traditional america anymore. that's not going to go well for his whole war on christmas. [ whatever! ] >> stephanie: white people will not wake up. they're permanently napping apparently. >> this country is the most libertarian first world country in the entire world. you're not going to get more conservative than this country. >> stephanie: we're back to the -- we need to make adjustments. which is what this whole autopsy thing was about. republican governors talk about improvin
continue to face, the issue of the debt ceiling which we come up against in july, and bottom line we are no closer to a solution now than we were a year ago. bill: i think you raise an interesting point. let's debate that in a moment, mary kathrine. folks like dog say it's still coming because democrats would argue by memorial day you could have a thousand vacancies with the tsa. you could have the faa shutting down 150 control tours. but the facts are not a single person has been furniture load in the federal government to date, and the stock market is climbing to brand-new highs. >> not only that, i think it has invited scrutiny for the white house's spending and the federal government's spending in general. people are peak picking out the instances where the government is still hiring for folks while they are allegedly furniture hroeg other people. it doesn't look real great and it looks like there are cuts that could have been made to make things easier for the public. frankly the white house allowed it to look like we are trying to cut what hurts the public most especially with
the sequester. that is another wave. we still have debt ceiling negotiations ahead. there is more trouble in the wings. i think the worry from the point of view of the economy as a whole is that the cumulative impact of these budgetary issues at a time when the economy is already kind of struggling with weak growth. host: in this morning's wall street journal -- if consumer spending was up, what was the big fear about losing that spending once the payroll tax went back up to its previous level? host: we're basically talking about opposing forces in the economy. and it's their fourth year of the economy, the economy has been extremely weak. we actually are finally starting to get some traction in many areas. we're starting to see auto sales picked up, housing market is getting traction, home prices are going up. there is some momentum in the u.s. against which comes at this fiscal restraint, this austerity that is being imposed. the effect of driving growth lower. it is a balancing act between the two. this latestes -- spending data did cause us r aise the gdp forecast. three% would be a r
. when you look at all of these congress has brought. the debt ceiling there was pressure from the business community to get rid of this, like, idea that every six months we were going to be talking about potentially putting our nation into default. so, it seems like congress has been tone-deaf to that sort of call. >> just a little bit not too much. >> yeah. >> the last time the republicans looked like they were going down that road, that is not so much necessarily default but something else but they got a lot of pushback from wall street and corporate america that they typically pay attention to that said don't make this into an issue. they punted on it. they did that ridiculous thing instead of voting for an increase, they voted to ignore it which the democrats, if they would have done, they would have been pilloried for. but, i think the bigger point of what you are making is exactly right, which is if we are expecting any kind of stimulus coming out of washington giving what meredith covers and talks about every day, it's not going to happen any
news counts or watching cable television in the wake of the debt ceiling negotiations when it came out that, you know, cpi was something we were willing to consider knows there are elements that are very strong element was our base with loud voices who were displeased with that. >> that will remain true? >> we -- the president's both sides have to comprise here. what it means we have to be willing to do smart things on entitlement. that doesn't mean turning it in to a voucher system or changing the nature of the program. it means we have to make adjustment. on the republican that means we have to do additional. it doesn't mean raising tax rates. it means closing loophole and using the money. >> another question from john harris, i think we with agree that john boehner hasn't done a lot. you have haven't done a lot to take on your base. are you more timid than boehner in taking on your people. >> i would look for a single example for speaker boehner. and i think the entitlement, for example, we're willing to do it. we have, you know, we taken a lot of heat for it. what he has done is he
argued that a default triggered by refusing to lift the debt ceiling really would be the best outcome we could stick together and weather the storm. i was convinced that the deficit had become so severe that our national credit rating would be downgraded and our economy would continue to flounder. the shock therapy of a default could be the thing that awaken congress. unless we can stick together, it made little sense to mount a common cause emission and delay the vote. >> guest: first of all, ask yourself the question when was the last time that the deck limit was not increased. so do we have a debt limit in this country? we essentially do not. so we have never acted responsibly with waste in government. here is the debt limit we will run into. this is what "the debt bomb" is all about. there will come a time in the near future where people will not want to lose money because their expectation of our ability to pay it back will be such that we will see interest rates go crazy. that is not all that far away. you cannot ben bernanke telling me there is no inflation. most americans know th
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